Income tax, state and corporate; subtraction for Virginia venture capital account investment. (HB2074)

Introduced By

Del. Nick Rush (R-Christiansburg) with support from co-patron Del. Chris Head (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; subtraction for Virginia venture capital account investment. Establishes for taxable years beginning January 1, 2018, an individual and corporate income tax subtraction for income derived from an investment in a Virginia venture capital account, defined in the bill as an investment fund that makes at least 50 percent of its investments in qualified portfolio companies and employs at least one investor with at least four years' experience in venture capital investment or substantially equivalent experience. The bill defines "qualified portfolio company" as a Virginia-headquartered company that has a primary purpose of production, sale, research, or development of a product or service and provides equity in exchange for the investment. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2017Committee
01/10/2017Prefiled and ordered printed; offered 01/11/17 17101753D
01/10/2017Referred to Committee on Finance
01/19/2017Assigned Finance sub: Subcommittee #2
01/22/2017Impact statement from TAX (HB2074)
01/25/2017Subcommittee recommends reporting (11-Y 0-N)
02/01/2017Reported from Finance with amendments (22-Y 0-N) (see vote tally)
02/03/2017Read first time
02/06/2017Read second time
02/06/2017Committee amendments agreed to
02/06/2017Engrossed by House as amended HB2074E
02/06/2017Printed as engrossed 17101753D-E
02/07/2017Read third time and passed House BLOCK VOTE (97-Y 0-N)
02/07/2017VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/08/2017Constitutional reading dispensed
02/08/2017Referred to Committee on Finance
02/09/2017Impact statement from TAX (HB2074E)
02/15/2017Reported from Finance with substitute (16-Y 0-N) (see vote tally)
02/15/2017Committee substitute printed 17105512D-S1
02/16/2017Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/17/2017Read third time
02/17/2017Reading of substitute waived
02/17/2017Committee substitute agreed to 17105512D-S1
02/17/2017Engrossed by Senate - committee substitute HB2074S1
02/17/2017Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/21/2017Placed on Calendar
02/21/2017Senate substitute rejected by House 17105512D-S1 (1-Y 96-N)
02/21/2017VOTE: REJECTED (1-Y 96-N) (see vote tally)
02/22/2017Senate insisted on substitute (40-Y 0-N) (see vote tally)
02/22/2017Senate requested conference committee
02/23/2017House acceded to request
02/23/2017Conferees appointed by House
02/23/2017Delegates: Rush, Ware, Kory
02/23/2017Conferees appointed by Senate
02/23/2017Senators: Ruff, Stuart, Dance
02/24/2017Conference substitute printed 17105744D-H1
02/24/2017Conference report agreed to by Senate (40-Y 0-N) (see vote tally)
02/24/2017Conference report agreed to by House (93-Y 0-N)
02/24/2017VOTE: ADOPTION (93-Y 0-N) (see vote tally)
03/06/2017Impact statement from TAX (HB2074H1)
03/07/2017Enrolled
03/07/2017Bill text as passed House and Senate (HB2074ER)
03/07/2017Signed by Speaker
03/10/2017Signed by President
03/13/2017Enrolled Bill communicated to Governor on 3/13/17
03/13/2017G Governor's Action Deadline Midnight, March 27, 2017
03/24/2017G Approved by Governor-Chapter 762 (effective 7/1/17)
03/24/2017G Acts of Assembly Chapter text (CHAP0762)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 58 seconds.